With these rules, the CFPB is encouraging agencies to invest in new technology to modernize their communication.
Building out consumer-centric collections means taking consumer preference into consideration. Texting is now a preferred method for the majority of millennials.
Tim recommends that once all of your compliance bases are covered, you can start using texting for any communication, including:
- Validation notices
- Payment reminders
- Offers
- Pay to Text links
In future episodes, we’ll go into the collecting opt-in consent. For today, Tim urges the industry to embrace modern methods of communication, including texting.
This industry shift will lead to more consumer-centric conversations in your agency and in the industry overall.
This information does not, and is not intended to, constitute legal advice; instead, all information is for general informational purposes only.
